A Waldorf Astoria project in Miami has secured a $33 million pre-development loan, provided by BridgeInvest. Property Markets Group will develop the 98-story luxury condo and hotel, which will be branded and operated by Waldorf Astoria.
The non-recourse loan will be used by the developer to finalize approvals, market the property and launch residential sales.
The new Waldorf Astoria will be located at 300 Biscayne Blvd. and is being designed by Sieger Suarez Architects. The 1,049-foot tower will house a 140-key hotel and 400 condo units. When completed, the Carlos Ott-designed tower is expected to include a swimming pool, a gym, office space and a spa. The development will mark the first Waldorf Astoria in Miami.
Property Markets Group acquired the downtown property in 2014 for $80 million. The developer built the rental community X Miami adjacent to the site.
Last September, Waldorf Astoria opened Waldorf Astoria Bangkok, a 171-key hotel in the heart of Bangkok, marking the company’s first property in Southeast Asia. Just this week, Epelboim Development Group, in conjunction with InterContinental Hotels Group, opened its newest hotel project, the 190-key EVEN Hotel Miami Airport.
Image courtesy of BridgeInvest